taggit Summary
After he repeatedly asserted that Robinhood customers had made $35 billion in realized and paper investment gains, Jim Himes, Democrat of Connecticut, pushed him on more specifics, which Mr. Tenev ultimately declined to give. When he said that Robinhood had curbed some customer trades because clearinghouses demanded more collateral from his firm, Alexandria Ocasio-Cortez, Democrat of New York, shot back that the brokerage may instead have failed to manage its own capital risks. Mr. Tenev responded, “We wanted to give our customers delightful features.” Sean Casten, Democrat of Illinois, accused the company of taking advantage of inexperienced traders, including a customer who died by suicide after believing he had run up huge losses via the Robinhood app. To make his point, he called Robinhood’s automated help line: A message told users to email for support, and then the call ended.